Texas Property Code 74.401 – Sale of Property
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(a) Except as provided by § 74.404, the comptroller may sell at public sale any personal property, other than money and marketable securities, delivered to the comptroller in accordance with § 74.301. The comptroller may conduct the sale at the location and in the manner that the comptroller determines affords the most favorable market for the particular property.
(b) The comptroller shall sell the property to the highest bidder. If the comptroller determines that the highest bid is insufficient, the comptroller may decline that bid and offer the property for public or private sale.
Terms Used In Texas Property Code 74.401
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
(c) Repealed by Acts 2019, 86th Leg., R.S., Ch. 897 (H.B. 3598), Sec. 13, eff. June 10, 2019.
(d) If after investigation the comptroller determines that property delivered under this chapter is not marketable or has insubstantial commercial value, the comptroller may destroy or otherwise dispose of the property at any time.
(e) A person may not maintain any action or proceeding against the state, an officer of the state, or the holder of property because of an action taken by the comptroller under this section.